DDM Analysis: 0316.HK

Valuation Snapshot

Stable Growth	$478.37 - $1,135.60	$1,064.22
Multi-Stage	$168.26 - $184.10	$176.03
Blended Fair Value	$620.13
Current Price	$16.99
Upside	3,549.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	41.61%	24.16%	0.77	5.42	9.30	5.58	1.82	0.14	0.00	0.02	0.02	0.12
YoY Growth	-	-	-85.70%	-41.72%	66.79%	207.12%	1,234.19%	0.00%	-100.00%	15.37%	-85.78%	38.78%
Dividend Yield	-	-	5.22%	38.39%	51.52%	22.73%	18.17%	2.81%	0.00%	0.21%	0.42%	2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,770.79
(-) Cash Dividends Paid (M)	1,839.14
(=) Cash Retained (M)	1,931.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	754.16	471.35	282.81
Cash Retained (M)	1,931.65	1,931.65	1,931.65
(-) Cash Required (M)	-754.16	-471.35	-282.81
(=) Excess Retained (M)	1,177.50	1,460.30	1,648.84
(/) Shares Outstanding (M)	660.37	660.37	660.37
(=) Excess Retained per Share	1.78	2.21	2.50
LTM Dividend per Share	2.79	2.79	2.79
(+) Excess Retained per Share	1.78	2.21	2.50
(=) Adjusted Dividend	4.57	5.00	5.28
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$478.37	$1,064.22	$1,135.60
Upside / Downside	2,715.57%	6,163.80%	6,583.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,770.79	4,015.90	4,276.93	4,554.93	4,851.00	5,166.31	5,321.30
Payout Ratio	48.77%	57.02%	65.26%	73.51%	81.75%	90.00%	92.50%
Projected Dividends (M)	1,839.14	2,289.81	2,791.29	3,348.30	3,965.92	4,649.68	4,922.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,129.72	2,149.90	2,170.09
Year 2 PV (M)	2,414.63	2,460.63	2,507.05
Year 3 PV (M)	2,693.97	2,771.30	2,850.10
Year 4 PV (M)	2,967.80	3,081.94	3,199.33
Year 5 PV (M)	3,236.22	3,392.53	3,554.82
PV of Terminal Value (M)	97,674.61	102,392.33	107,290.61
Equity Value (M)	111,116.95	116,248.63	121,572.00
Shares Outstanding (M)	660.37	660.37	660.37
Fair Value	$168.26	$176.03	$184.10
Upside / Downside	890.37%	936.11%	983.55%

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Orient Overseas (International) Limited (0316.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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